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• <br />$1,200,000 <br />City of Lino Lakes, Minnesota <br />General Obligation Improvement and Refunding Bonds, Series 2003A <br />Current Refunding of Series 1996A <br />REFUNDING SUMMARY <br />Dated 12/01/2003 Delivered 12/01/2003 <br />SOURCES OF FUNDS <br />Par Amount of Bonds $1,200,000.00 <br />TOTAL SOURCES $1,200,000.00 <br />USES OF FUNDS <br />Deposit to Current Refunding Fund 1,170,000.00 <br />Costs of Issuance 14,550.00 <br />Total Underwriter's Discount (1.100 %) 13,200.00 <br />Rounding Amount 2,250.00 <br />TOTAL USES $1,200,000.00 <br />FLOW OF FUNDS DETAIL <br />State and Local Government Series (SLGS) rates for <br />Date of OMP Candidates <br />CURRENT REFUNDING ESCROW SOLUTION METHOD Gross Funded <br />Total Cost of Investments $1,170,000.00 <br />Interest Eamings @ 1.000% 1,946.76 <br />TOTAL DRAWS $1,170,000.00 <br />ISSUES REFUNDED AND CALL DATES <br />Series 1996A 2/01/2004 <br />PRESENT VALUE ANALYSIS SUMMARY (NET TO NET) <br />Net PV Cashflow Savings @ 3.216 %(Bond Yield) 41,742.04 <br />Contingency or Rounding Amount 2,250.00 <br />NET PRESENT VALUE BENEFIT $43,992.04 <br />NET PV BENEFIT / $1,170,000 REFUNDED PRINCIPAL 3.760% <br />NET PV BENEFIT / $1,200,000 REFUNDING PRINCIPAL 3.666% <br />BOND STATISTICS <br />Average Life 2.142 Years <br />Average Coupon 1.7738163% <br />Net Interest Cost (NIC) 2.2874350% <br />Bond Yield for Arbitrage Purposes 3.2160046% <br />True Interest Cost (TIC) 2.3014806% <br />All Inclusive Cost (AIC) 2.8956752% <br />Interest rates are estimates. Changes in rates may <br />cause significant alterations to this schedule. <br />The actual underwriter's discount bid may also vary. <br />Springsted Incorporated <br />Advisors to the Public Sector <br />File = LINOLAKES. SF- Series 2003A- Series 2003 Ref 96A <br />10/20/2003 10:00 AM <br />Page 14 <br />